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Financial Planner Recommends Budgeting and Warns Against Major Purchases Right After Divorce

By Janet Langjahr

A financial planner strongly recommends creating a budget after divorce to facilitate wise decisionmaking about finances.

(Actually, a budget should really be created prior to settlement or trial, for the same reason.)

Perspective is helpful in making any major purchases or financial decisions.

Depending on a person’s individual circumstances, their immediate priority may be education, training or financing a business, in order to increase their ability to generate long-term income. In the short run, this may need to take precedence over other purchases or investments.

Further, it may be prudent to favor liquid investments over others for some time after divorce – maybe even an emergency cash reserve.

For many people, major purposes should be deferred or subordinated temporarily to the two above priorities after divorce.

Marital settlements or awards are only made once and investment mistakes may be difficult to recover from.

A financial planner may be helpful and appropriate in this process.

Read more in this Primedia iAfrica article: Start over after divorce.

Full post as published by Florida Divorce - Child Custody - Domestic Abuse Law on June 30, 2010 (boomark / email).